Transfer of immovable property

Transferring or acquiring Real Estate Property. What is the Order of transfer of immovable property? How is immovable property transferred? What are the parts of immovable property?

According to the act immovable property does not include standing timber, growing crops, or grass.

Sec of the Act defines Mortgage as the transfer of interest in the specific immovable property by way of a mortgage deed or deposition of title deeds for securing payment of a loan. The owner of the property creating a lien on an immovable property to the lender is the mortgagor. The lender is the mortgagee. In any property transaction , buyers and sellers are subject to Right and liabilities. So, in order of this act, that actually could happen, it needs the completion of Form N. Upon transfer of immovable property , things not only rooted to it, but also anything found deep down below the property goes along with the transfer.

All minerals below the land sole are immovable property.

The payee must be a resident transferor of an immovable property (other than agricultural land). The payment must be by way of consideration for transfer of any immovable property (other than agricultural land). While the process for transferring ownership of immovable property remains largely the same in cases where one of the parties to the transfer is a minor, the minor’s contractual capacity must be carefully considered. Section of Act defines Immovable Property does not include standing timber, growing crops or grass.

The Supreme Court held that sale agreement, GPA and will transfers do not convey title and do not amount to a transfer of immovable property. The court further held that such transactions cannot be recognised as a valid mode of transfer of immovable property. Consideration for the transfer of immovable property is more than INR Lakhs.

It is not possible to conclude a sale of Immovable Property by way of a verbal agreement. THE PROCESS The Contract Of Sale. The sale of immovable property has to be reduced to writing in the form of an Agreement of Sale. The conveyancer requests the required documentation from the seller and the purchaser,. Obtaining a Rates Clearance Certificate.

For a sale of immovable property , for example, a building, there will be a contract between the parties requiring the seller to transfer the ownership in the building for a price in cash. The contract will provide the terms of the sale, including the time of passing of the ownership, delivery of the property and payment by the buyer. Nearly all transactions related to the transfer of immovable property involve the payment of some form of tax to SARS.

Depending on the role that one plays in a transaction and the circumstances relating to that transaction, different forms of tax may come into play.

Nevertheless, an oral transfer is valid between the parties when the property has been actually delivered and the transferor recognizes the transfer when interrogated on oath. If property is immovable , this means that it is firmly fixed to the ground. For example, a home represents immovable property , as it has literally been constructed onto and into the earth below it. If any authority responsible for registering, recording or attesting the transfer of immovable property accepts to process the registration or attestation of immovable property valuing above Rs 5. Stamp duty shall also be paid as per the value of the gift.

In the case of tangible immovable property of a value less than one hundred rupees, such transfer may be made either by a registered instrument or by delivery of the property. Delivery of tangible immoveable property takes place when the seller places the buyer, or such person as he directs, in possession of the property. A lease of immovable property is a transfer of a right to enjoy property , made for a certain time, express or implie or in perpetuity, in consideration of a price paid or promise or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms.